Prologis pays $49M for JFK warehouse, and the comp says Wildflower took the bid

Prologis paid $49 million for the 116,725-square-foot last-mile warehouse at 153-44 South Conduit Avenue near John F. Kennedy International Airport, taking the JFK Conduit Logistics Center off Adam Gordon's Wildflower, according to city records made public Wednesday. Aaron Rosdal, a senior vice president of acquisitions and dispositions at the REIT, signed for the buyer through Prologis Exchange NY 2000; Gordon signed for seller entity WF Industrial VI, and the record does not name a broker.

Of its 116,725 square feet, 61,425 is storage and 55,300 is underground parking, so the $49 million price works out to about $420 per square foot across the whole building or nearer $800 on the storage alone, depending on whether the garage earns rent of its own; the record does not show that it does. The tenants are a portable toilet supplier and a home inspection service.

Wildflower refinanced the property with a $48.1 million bridge loan from Barings in June 2025, as Commercial Observer previously reported, and sold it fifteen months later for $49 million, leaving about $900,000 over the loan. Wildflower bought the warehouse in 2020 for an undisclosed amount, so whatever it made on the trade is not in the public record. The temptation is to read the near-match as a lender-driven exit. The per-foot math argues against it.

Wildflower's February sale is the better comp: in February, Wildflower sold the 245,337-square-foot warehouse at 28-10 Whitestone Expressway in College Point to Terreno Realty for $92 million, one year after Gordon paid $35 million; the sale was about 2.6 times basis, or roughly $375 a square foot. Prologis just paid $420 a square foot on a smaller building that is half parking garage. A $48.1 million loan and a $49 million price look like a distress marker until you set them beside the last Queens industrial trade in the coverage, which suggests Wildflower is being met by the market rather than pushed into it. Two buildings sold seven months apart, one at 2.6 times basis and one at a premium to the last comp, add up to a sponsor taking the bid while the bid is there.

Prologis continues to add to its portfolio, most recently with acquisitions in South Florida, per the coverage. As this publication has argued, listed REITs have moved into expansion while private appraisals lag twelve to eighteen months behind, and this trade is that gap in miniature: a public vehicle buying from a private sponsor at a number the sponsor's own lender would recognize. What Prologis actually bought is infill frontage on the JFK Expressway, two local service businesses, a storage vault, and a garage whose only job is staying full. If that garage leases, $420 a square foot was cheap; if it does not, the College Point comp is the one that was right, and the next infill trade near the airport will print the answer.